Solana Faces Challenges Amid Meme Coin Decline, Standard Chartered Reports

According to PANews, a recent report by Standard Chartered suggests that the Layer 1 blockchain Solana may be evolving into a platform primarily focused on generating and trading meme coins. The report, dated May 27, highlights Solana's dominance in the high-volume, low-cost public blockchain sector, attributed to its fast and low-cost transaction confirmation architecture. However, this technical advantage has led to an unexpected consequence: a significant portion of Solana's activity, measured by application revenue or 'GDP,' is concentrated on meme coin trading. Standard Chartered notes that the meme coin craze has served as a stress test for Solana's scalability, but the volatility and speculative nature of these assets pose challenges source: https://www.binance.com/en/square/post/24850144457498?utm_source=BinanceNewsRSS